Bitcoin Hits $72,000 as Demand for Crypto Grows
The market price of Bitcoin, the most expensive and largest digital assets, crossed $72,000 briefly on Monday before it retraces. As such, the global crypto market cap inched higher to $2.67 trillion, a 2.88% increase over the last day.
The total crypto market volume over the last 24 hours is $92.92 billion, which makes a 56.65% increase. The surge in market capitalization is mainly driven by buying momentum sustained by Bitcoin.
There is an improved confidence in the crypto market as whales and retails investors continue to park US dollar into various cryptocurrency assets. Ethereum price has increased just as others have maintained an uptrend in rally fueled by Bitcoin demand.
Market trend revealed that Bitcoin witnessed a significant surge, with its price climbing above the $72,000 mark early on Monday, data from cryptocurrency exchange showed.
The price was up 4.5% from $69,500 to an intra-day high of $72,579. However, price has retreated below $72,000 due to early profit taking by retail investors.
Data showed that the total volume in DeFi is currently $9.6 billion, representing 10.33% of the total crypto market 24-hour volume. The volume of all stable coins is now $83.31 billion, according to data from Coinmarketcap.com, which is 89.66% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 52.61%, a decrease of 0.09% over the day. More than $40 million in BTC shorts were liquidated today, further propelling the price upwards.
